In this post, we will discuss the Can You When File Taxes 2022 in US & CA and penalties for not paying taxes on time.
Are you a tax-paying citizen from the US? Are you wondering when Tax returns are due? Do you want to know the deadline to file taxes? If yes, tune into the post.
Many people in the United States and Canada are looking for the deadline for filing their tax returns, and if they do not file within the date, they may face heavy penalties. So, in this post, we will talk about Can You When File Taxes 2022 for both countries.
When Can You File Taxes 2022 in the United States?
The revenue service organization responsible with the administration of Internal Revenue Codes and collection of taxes in the US, Internal Revenue Service (IRS), has announced that the last date for filing tax returns for US citizens is 18th April 2022.
The traditional deadline to pay income tax in the US is 15th April. For the last two years, there have been delays in the traditional deadline due to the Covid-19 pandemic. This year again, there is a delay in the tax deadline, which is making people wonder Can You When File Taxes 2022, but this year’s delay is not because of the Covid 19 pandemic.
The deadline has shifted from 15th April 2022 to 18th April 2022 because of Emancipation Day. Each year on the 16th of April is recognized as Emancipation Day, and all federal offices remain closed on that day. If the day falls on Saturday, then it is recognized on Friday, and if it falls on Sunday, then it is recognized on Monday.
So, this year Emancipation Day will be recognized on Friday 15th April as 16th is Saturday. Therefore, the deadline to file taxes is shifted to Monday 18th April.
Can You When File Taxes 2022 in Canada?
The federal tax collecting and regulating organization, Revenue Agency, has extended the deadline to file taxes. The new deadline is 2nd May 2022.
The general deadline for paying taxes in the country is 30th April each year. However, this year 30th April falls on a Saturday. So, CRA has extended the tax filing deadline to the following working day that is Monday 2nd May 2022.
But there is an exemption for self-employed citizens or citizens whose spouses or partners are self-employed. The CRA has extended the deadline for them to Wednesday, 15th June 2022.
Now that we know about Can You When File Taxes 2022, let us know the consequences of not filing taxes on time.
What are the Penalties for Not Filing Tax on Time?
Filing taxes on time is very important, getting a tax refund on time is not the only benefit of filing taxes on time. Many government benefits can also be affected negatively if one files their taxes late. People will also incur monetary penalties for filing late.
Conclusion
Timely payment of taxes is essential. So, if you are a citizen of the US, do file the taxes by the deadline we have mentioned above. Visit this News Website for more.
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Also Read : – When Is IRS Accepting 2022 Tax Returns {Jan} Find Date